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SAP FICO Interview Questions: After a skill-based SAP FICO training is provided to the students, now they need the assistance to get interviews cracked. Giving the relevant answers in SAP FICO interview question helps the candidates’ discover their excellent future. Therefore, it is mandatory to answer effectively during the interview sessions. This is an article containing SAP FICO interview questionnaire. The article has been drafted by Aptron's SAP FICO specialists, SAP FICO experts, and SAP FICO trainers who have put their hard efforts and best of their experience and knowledge while developing the SAP FICO interview questions and answers for freshers and for the experience aspirants. The questionnaire contains detailed answers covering basic and advanced SAP FICO interview questions. Understanding of each question and answer provided in the article would assists job aspirants to crack interviews and discover relevant answers to their doubts or puzzlements. The SAP FICO Interview Questions is a summarization of verticals available in the SAP FICO technology.
SAP FICO means FI (Financial Accounting) and CO stands for (Controlling/Cost). SAP FICO is the vital module of Enterprise Resource Planning (ERP) and both FI and CO modules are used for storing financial transaction data. The modules available in SAP FICO are special purpose ledger, asset accounting, accounts receivables, travel management, consolidation, accounts payable, etc.
SAP FICO stands for FI (Financial Accounting) and CO (controlling). In SAP FICO, SAP FI take cares about accounting, preparation of financial statements, tax computations etc, while SAP CO take cares of inter orders, cost sheet, inventory sheet, cost allocations etc. It is the software that stores data, and also computes them and retrieves the result based on the current marketing scenario. SAP FICO prevents data lost and also does the verification and reporting of data.
The other modules to which 'Financial Accounting' is integrated are
The organizational elements in SAP FI are:
In order to determine the transaction type which is entered in the line item, a two digit numerical is used known as 'Posting Key'
Posting key determines
To generate financial statements like Profit and Loss statement, Balance sheets etc. company code is used.
You can have one Chart of Account for one company code which is assigned.
There are three currencies that can be configured for a Company code, one is a local currency and two are the parallel currencies.
Fiscal year in SAP is the way financial data is stored in the system. In SAP, you have 12 periods and four special periods. These periods are stored in fiscal year variant that is:
A Chart Of Accounts or COA is a structure which contains the General Ledger accounts used by one or more company codes.
A General Ledger in financial accounting is used to record all business transactions in a software system.
In SAP, Fiscal Year Variant (FYV) is an alternative which controls parameters for a financial year, such as managing financial accounting year and posting period modifications to open and close posting periods.
In SAP, Posting Period Variant or PPV is used to manage accounting periods that are open for posting and all closed period that are balanced. It is used during the opening and closing period in the fiscal year for posting purpose.
Within a company, the calendar year does not always match the financial year. For example, you may need to remove or add certain months. You can do this using SAP and the procedure is called ‘Year Shift'.
SAP FICO has many real-time applications.
WIP stands for Work in Progress. You sue this to label an asset that is currently under development, and that can be customized by the user if needed.
There are several useful modules where it is possible for the users to consider this approach under an integrated manner. These include Material Management, Sales & Distribution, Production Planning, financial transaction management, as well as Human resource.
One of the major issues is Tax Slabs are not similar in all the countries. Also, there are additional taxes applicable there. SAP FICO has tax procedure already defined in it for various nations and the users are free to get the information regarding the same. The Tax amounts can be sent to stocks by default or the users are free to make challenges in them as per their need and convince. Thus, taxes are not an issue with the SAP FICO.
They are generally defined assets for the different functional area. They can be accessed through two options and they are Document level and the line level.
SAP FICO has some major applications for which it is actually known. It is widely considered I Financial accounting for handling a lot of tasks that matters to the organizations. In fact, all that matters in the accounting can easily be managed with this approach. It also has applications in the Asset and Cost Accounting. The Project system accounting can also be managed through it in a reliable manner. The users are free to consider it for the purpose of Consolidation. In addition to this, SAP FICO has large scale application in the Real Estate which is one of the emerging domains across the globe in the present scenario.
You can apply below blocks −
In SAP FI, you can also post outgoing partial payments for vendor. Partial payment from vendor will be open as open item and no clearing document will be generated.
Automatic Payment Program serves the purpose of posting accounts payable like payment to a vendor based on vendor invoices automatically, shortly termed as APP.
It is used to find out due/overdue invoices and to process list of customer and vendor invoices to make payments in one go. APP can’t be used for all company codes from different countries.
APP has below categories −
In SAP FI, this is used to reset the incorrect payment invoices. If a payment is made to incorrect invoices then it can be reset.
T-code: FD32
SAP FI Accounts payable is used to manage and record accounting data for all the vendors. All invoices and deliveries are managed as per vendor requests. Payables are managed as per payment program and all payments can be made using checks, transfer, electronic transfers, etc.
All the postings that are made in Account Payable are also updated in General Ledger simultaneously and system also maintains forecasts and standard reports that can be used to keep track of all the open items.
A document type key is a device used to differentiate between various transactions and to categorize the different accounting documents.
When no open items are removed from an account and yet payment is posted there, it is known as a partial payment.
FIGL stands for Financial General Ledger.
Yes, it can be calculated to the day.
Organizations that trade on the international levels are allowed to add more currency options with their local currency. They are free to use any two currencies that are parallel to their local currency. It is often known as group currency in SAP.
The meaning of SAP FICO is FI (financial accounting) and CO (controlling). The financial accounting, as the name suggests, looks at the preparation of financial statements, tax computing, and basic accounts. The control aspect looks at cost allocation, inventory, etc. Overall this software stores prevents loss of and handles the verification of data.
The four other departments which utilize financial accounting are… Human Resources, Sales and Distribution, Production Planning and Material Management.
Some of the organizational elements in SAP FI are as follows…Company Code, Business Area, Functional Area and Chart of Accounts
“Posting key” is the two-digit numerical which is used in order to understand which type of transaction is being inserted in the line item.
Every business domain in the industry is observing a job crunch. However, when it is about jobs in SAP FICO segment, the need for skilled professionals of SAP FICO are at higher side. SAP FICO participants are required to run the big organizations, multinational companies, manufacturing units, etc. Participants with in-depth knowledge are able to discover better career opportunities in the worldwide job marketplaces. A SAP FICO participants is expected a minimum salary of 35, 000 dollars per annum. However, the salary of an experienced SAP FICO expert can reach to its double. The salaries are very reliant upon the location, business, and the company’s requirements.
The article ‘SAP FICO interview questions’ has prolifically answered every advanced SAP FICO interview questions. As well, the understanding approach in the SAP FICO interview questions for experienced is being intended by our trainers and team of experts. They have tried their top of the familiarity to help professionals in getting answers to all doubts and not clear concepts. Even then, if learners still require more detailing about SAP FICO, they may drop in a message to our experts concerning to SAP FICO interview questions for experienced professionals. Our trainers would be happy to assist and resolve all your SAP FICO-programming issues of the students. Join SAP FICO Training in Noida, SAP FICO Training in Delhi, SAP FICO Training in Gurgaon
